264
264
Sep 5, 2012
09/12
by
CNBC
tv
eye 264
favorite 0
quote 1
the expansion of fannie mae, freddie mac and hud, allowing banks to balloon balance sheets. clinton may blame bush but it's tough to figure that president clinton wasn't at least partly responsible for the housing bubble. let's talk to david goodfriend, steve moore, author of "return to prosperity." steve, we'll start with you. i thought bill clinton was reagan's third term. for him to trash republicans and bush doesn't make sense. clinton has nothing in common with barack obama. >> that's exactly right. that was the point of the editorial today. the lead editorial. in a lot of ways obama has been the anti-clinton. let's talk about a couple of areas where obama policies have been in complete contrast to bill clinton. first of all, bill clinton was a fiscal conservative. he did cut spending. there was little growth in the budget under bill clinton. of course barack obama gave us just the opposite. an $830 billion stimulus plan. the second one that's pretty obvious, larry, is barack obama, very famously said he was going to end welfare as we know it. he signed the welfare refo
the expansion of fannie mae, freddie mac and hud, allowing banks to balloon balance sheets. clinton may blame bush but it's tough to figure that president clinton wasn't at least partly responsible for the housing bubble. let's talk to david goodfriend, steve moore, author of "return to prosperity." steve, we'll start with you. i thought bill clinton was reagan's third term. for him to trash republicans and bush doesn't make sense. clinton has nothing in common with barack obama....
274
274
Sep 6, 2012
09/12
by
CNBC
tv
eye 274
favorite 0
quote 1
under bush they tried to go under fannie mae. >> this guy tried to shut down fannie mae and freddie mac. >> subprime loans. >> andrew cuomo and bill clinton. >> no, it didn't. >> barney frank saying it was solvent. >> i'm sorry i'm talking so much, but you have a balanced panel here. >> nan, do you think his argument of four more years or three more years or whatever will work? that was the argument clinton made last night. it seemed like the precursor to obama's argument. do you think america will vote for a guy who is telling them they have to wait several more years for economic success? >> americans, based on my experiences are representative of the hudson valley in new york. americans are fed up. they are desperate for change, but not the kind of change president obama, based on the experience of four years of his policies, has provided to us. so they want to see the kind of change from economic growth. when clinton spoke last night about his presidency and alluded to triumphs when there were troubles he neglected to mention the great engine of the economic growth among others -- >
under bush they tried to go under fannie mae. >> this guy tried to shut down fannie mae and freddie mac. >> subprime loans. >> andrew cuomo and bill clinton. >> no, it didn't. >> barney frank saying it was solvent. >> i'm sorry i'm talking so much, but you have a balanced panel here. >> nan, do you think his argument of four more years or three more years or whatever will work? that was the argument clinton made last night. it seemed like the precursor...
254
254
Sep 5, 2012
09/12
by
CNBC
tv
eye 254
favorite 0
quote 0
mae and freddie mac. and borrowers, they were becaabg the system. there was a lot of institutions involved in causing the crisis, and it's not good for the banks to be blamed 100%. you could get a bad outcome in terms of how you fix it. >> tell me how you can manage a complex institution that is serving two masters. you've done it. >> yeah, first of all, i think this notion that these big banks are too big to manage, too complex, is not right. we live in a complex world, and we just need to manage things when they go wrong. as a individual and a user of it, or a business manager, it is complexi comple complex. we should not be talking about rolling back a banking industry that is very efficient to something that was not 15 years ago. so this complexity argument i don't buy. sure big banks are complexion, but if you look at the final institutions that have failed, they have been more -- you take country wide, or wamu, these were companies that weren't nearly as complex by any stretch of the imagination as
mae and freddie mac. and borrowers, they were becaabg the system. there was a lot of institutions involved in causing the crisis, and it's not good for the banks to be blamed 100%. you could get a bad outcome in terms of how you fix it. >> tell me how you can manage a complex institution that is serving two masters. you've done it. >> yeah, first of all, i think this notion that these big banks are too big to manage, too complex, is not right. we live in a complex world, and we just...
257
257
Sep 6, 2012
09/12
by
CNBC
tv
eye 257
favorite 0
quote 0
. >> jason, you know about fannie mae and freddie mac. >> the housing bubble that was 20 years in the making. >> they're run by the government the last time i looked, and they had a major role in terms of what this housing market did, so to think it was all wall street is just miscast. >> i'm not saying it was all wall street, i was just answering your question of why that rhetoric works. wall street played a role. i'm not going to let you get away with saying it had nothing to do with it. >> it was self-defeating to bash business and when business doesn't bring jobs back to 5%, 6%, it was like oh it wasn't my fault. he had this coming and it's clear it was unfortunate it was in his best interest not to focus on obama care for the first two years, should have focused on this, right? >> i think you're right about that, yes. >> representative we have to leave it there. thank you for joining us this morning. >>> still to come on "squawk" this morning, one of the nation's best known names in the mun muni bond world. we're sitting on a bunch of shale gas. there's natural gas under my town.
. >> jason, you know about fannie mae and freddie mac. >> the housing bubble that was 20 years in the making. >> they're run by the government the last time i looked, and they had a major role in terms of what this housing market did, so to think it was all wall street is just miscast. >> i'm not saying it was all wall street, i was just answering your question of why that rhetoric works. wall street played a role. i'm not going to let you get away with saying it had...